Nothing much consequential happening politically, apart from continued building of tensions all across.
German Chancellor Merkel may seem like having conceded ground for larger European good when she allowed direct bank re-capitalization without holding the sovereign responsible. Indeed that would break what Martin Wolf calls the 'deadly embrace of drunkards' - a weak State called upon to shore up banks which in turn makes the State even more weaker without solving the original bank balance sheet problem. But the question finally is, how big and how soon Chancellor Merkel would write the check? Without the funding, recapitalization of banks just remains on the paper.
You can imagine what kind of Independence Day we are having in USA when the first thing you look at is how shenanigans happening in Europe impact you....well, I suppose that is what they call Globalization.
Our Billion Dollar combatants, err I meant incumbent Obama and challenger Romney; are all busy gathering their forces together. Broad outline so far is - Obama essentially concluding that he can cruise to the coast without committing any concrete measures to cut entitlements, to manage our debt; whereas Romney convincing himself that Gov. Chris Christie is the way to go - never admit for any policy specifics on hustings. And that is how the parody of American Politics continues irrespective of whether it is Independence day or any other day.
Take it easy and have a good time while saluting those who make this day possible - America's soldiers and our security protectors - and have fun. We owe them.